NEW YORK, June 9 (Reuters) - U.S. stocks were nearly flat on
Monday after the Dow and S&P 500 hit intraday record highs again
on more deal news, while Wall Street's fear gauge rebounded.

The CBOE Volatility index gained 6.3 percent to
11.41 after falling on Friday to its lowest level since February
2007. The VIX remains at nearly half of its historical average,
which some analysts worry is a signal that the market is not
fully accounting for issues that could derail the rally.

The S&P 500 and Dow have repeatedly hit record highs in
recent sessions. If the S&P 500 ends Monday's session higher, it
will mark its 11th rise of the past 13 sessions, and its seventh
record close of the past eight trading days.

There's "still skepticism about this rally, so consequently,
we're not in an overbought position here," said Bucky Hellwig,
senior vice president of BB&T Wealth Management in Birmingham,
Alabama.
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